Lawmakers take up foreclosure rate crisis
September 28, 2007
A legislative study committee has set an Oct. 22 meeting to begin dealing with Nevada’s foreclosure crisis.
Assemblyman Marcus Conklin, D-Las Vegas, announced the meeting saying the mortgage lending study was prompted by the fact Nevada has the highest home foreclosure rate in the nation. Statistics indicate that in August one of every 165 homeowners was facing foreclosure – a total of 6,197 homes.
Conklin said the plan is to look for innovative ways to use existing revenue and bonding capacity to provide loans to those in immediate danger of losing their homes. The committee will also consider a foreclosure hotline and classes to help homeowners in trouble find options for refinancing their property.
He said there is a surplus in the Mortgage Lending Division which could be used to establish that hotline and provide classes.
“We need to develop both a short-term and long-term solution to this crisis by helping homeowners in jeopardy of losing their homes find refinancing options and by educating first-time buyers on the dangers of loan schemes and ‘too good to be true’ offers,” he said in a prepared statement.